Digital transformation contributes to the creation of new business models such as crowdfunding, freemium, and ad-supported businesses. These strategies and models help businesses to maintain relevance. Overcoming geographical barriers through digitization, newer business models are able to offer a variety of services globally.
All businesses must balance their vision of digital transformation and company growth. Investing in employee training about navigating digital tools has become increasingly imperative. Business leaders must adopt a mindset that supports innovation and education to ease the process of adapting to change and understanding the risks of digital transformation.